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Short on Crude Oil - Technical Insight

NYMEX:CL1!   Light Crude Oil Futures
166 0 1
R2 is a very significant resistance line which recently sent the market back to test the S1 and S3 support lines. Since early August 2013 there has been negative divergence between the MACD and the market, indicating the support lines were likely to fail. This recently happened when the market broke through S1 and S3 downward and broke through the "safety" support line of S1. This movement also meant that the market broke out of a longer-term ascending triangle formation, however it is probably still too early to tell whether this is fact.

S1 is now expected to act as a resistance line. This is backed up by the 0.00 level on the ROC , which is resisting the ROC graph line. Additionally Sell volume is tending to increase more than Buy volume . It is now expected that the market will test the MA 200 and may then move upward again to test S1 as a resistance line.
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